Bill > A01756

This bill creates a tax credit for employers who help reduce the governmental education loans of their employees. The credit is equal to the amount the employer pays on behalf of the employee to reduce their governmental education loan debt or interest, up to $10,000 per employee. The credit can be applied against the employer's tax liability, and any excess credit can be treated as an overpayment to be credited or refunded, though no interest will be paid on the overpayment. The bill defines "governmental education loan" as any education loan debt, including judgments, owed to the federal or New York state government or any other institution.